Please explain how to get each of the numbers. For example, explain how you get the present value of the bonds using the excel PV function and how you get each of the numbers for the amortization schedule and journal entries. Thanks so much.

P14-2IL01,2) Issuance and Redemption of Bonds Venezuela Co. is building a new hockey arena. Information concerning the arena follows. $ $ $ $ 2,500,000 500,000 2,000,000 2,000,000 Cost of arena Down payment received from local businesses to support the project Borrowing needed to complete the project Issuance of bonds on January 1, 2019 Interest is paid annually on January 2. Stated interest rate on bonds Term of bonds in years Yield on bonds 10.50% 10 10.00% Note: Excel uses more decimal places than used in the solutions provided by the author. As such, the answers shown below will differ slightly from those in the solutions manual due to rounding and significant digits. Instructions: (a) Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2019. Present value of the bonds using Excel PV function: Debit Credit Jan. 1 (b) Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. Interest Paid Interest Expense Premium Amort. Bond Carrying Value Date (c) Assume that on July 1, 2022, Venezuela Co. retires half of the bonds at a cost of $1,065,000 plus accrued interest. Prepare the journal entry to record this redemption. Debit Credit Entry to pay accrued interest Jul. 1